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Bitcoin (BTC) Price Analysis for January 1

Sun, 01/01/2023 - 14:15
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Denys Serhiichuk
Has Bitcoin (BTC) declined enough to quickly bounce back?
Bitcoin (BTC) Price Analysis for January 1
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls failed to keep the prices rising on the first day of 2023 as most of the top 10 coins are in the red zone.

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has almost not changed since yesterday.

BTC/USD chart by TradingView

On the hourly chart, one should point out the local support level at $16,501. At the moment, the price is trying to fix above the resistance at $16,546.

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If buyers can hold the gained initiative, the growth may continue to the $16,600 zone tomorrow.

BTC/USD chart by TradingView

On the bigger time frame, the situation is less positive as the price remains near the support level of $16,465. If growth does not happen soon, the next approach to the aforementioned mark may be a prerequisite for a breakout. In this case, there is a high possibility to see a test of the $16,200 area.

BTC/USD chart by TradingView

On the weekly time frame, the candle is about to close bearish. The price is far away from the key levels, however. Currently, the important zone is $16,000, a breakout of which may lead to a test of the support at $15,632.

Bitcoin is trading at $16,543 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at